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Business

Airbnb claims $8.3bn lift to Japan's economy in 2016

Foreign users triple but growing competition lowers revenue for hosts

Airbnb is growing popular in Japan, but competition is heating up as well.

TOKYO -- Airbnb estimates that its services contributed 920 billion yen ($8.35 billion) to the Japanese economy in 2016, up 80% from the previous year, as foreign users took advantage of affordable lodging in big cities and rural areas.

The company's estimate includes lodging charges, local consumption such as shopping and food as well as the trickle-down effect of increased hiring.

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